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U.K. Nationwide Home Prices Slip to Record Low, Pound-Dollar (GBPUSD) Continues to Move Higher

Thursday, 30 October 2008 07:16:34 GMT | DailyFX Research

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U.K. house prices dropped 14.6% y/y in October, according to from Nationwide Building Society. Prices were down 1.4% m/m. The annual rate was the lowest in at least 17 years as the credit crunch and the prospect of a recession are deterring buyers. The Bank of England warned that one in ten mortgage borrowers may soon own more than their house is worth and data will add to arguments for another 50bp rate cut next week. Meanwhile, the pound-dollar (GBPUSD) continued to push higher to hold above 1.6650 despite expectations of a rate reduction by the BoE.

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